Cain completes €577m PBSA transaction with backing from Menora

Cain International, the privately held investment firm, has completed a £500 million (€577 million/$615 million) PBSA forward-funding deal that will support the delivery of 2,389 beds across major university cities in the United Kingdom.

All five schemes have already secured planning consent.

The transaction sees Israeli insurance group Menora Mivtachim Group invest in Cain’s existing UK PBSA platform with developer Fusion Group, alongside the addition of a new development partner, Olympian Homes. The transaction marks Menora’s first direct investment into a UK PBSA strategy.

With Olympian, Cain will deliver two new PBSA schemes in the key university cities of Leeds and York. In Leeds, the 45-story Cirrus Point will provide 660 beds across 255,000 square feet, making it the tallest PBSA building in the world and the tallest building in Leeds. It is due for completion in 2026. In York, in time for the 2025-2026 academic year, Rialto House will provide 275